Joseph Borg, Director of the Alabama Securities Commission (ASC) and the District Attorney for Madison County, AL, Robert Broussard, recently announced that Keith Michael Rogers was arrested for 10 counts of alleged violations of the Alabama Securities Act.
Rogers’ charges include 10 counts of Securities Fraud in connection with his acts of taking investor funds entrusted to him. The indictment described his fraudulent actions as omitting to state material facts, making untrue statements of material facts and engaging in acts, practice or course of business which operated as a fraud or deceit upon his clients. Each of these charges are reportedly Class B Felonies which are punishable by a maximum of 20 years imprisonment and a $30,000 fine if convicted.
The indictment alleges that Rogers, who is an investment advisor, misled investors by misrepresenting that their investment funds would be lawfully used by Rogers. Approximately $2.5 million dollars of the investors’ funds were allegedly used by Rogers to pay for his personal expenses and as “Ponzi” payments to earlier investors. Rogers also allegedly forged documents to facilitate a series of fraudulent acts on the victims.
Brokerage firms are required to properly supervise their agents and to ensure that they are complying with industry rules and standards. When they fail to do so, the firms can be responsible for the resulting losses.
The White Law Group is investigating the liability that Rogers employer may have for failure to properly supervise him.
If you invested with Keith Rogers and would like a free consultation with a securities attorney, please call The White Law Group at 312-238-9650.
The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.